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Why Ethereum Will Continue to Outperform Bitcoin During September

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Report Suggests Ethereum Shows Firm Correlation With S&P 500

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The crypto market is yet to recover from a spike in selling pressure over the weekend, with Ethereum and other cryptocurrencies almost reaching double-digit losses. Bitcoin has been one of the worst performers these past few days and might weaken during September.

Related Reading: Kucoin Token Struggles To Hold Key Support At $8, How Low Can It Go?

In the coming weeks, market participants will have their attention set on the Ethereum “Merge”, the event that will complete this network’s migration to a Proof-of-Stake (PoS) consensus. The narrative surrounding this event has allowed ETH’s price to lead the market in the past week.

As a consequence, Bitcoin has been moving sideways with heavy price action. Data shared by Joshua Lim, Head of Derivatives at Genesis Trading, looked at the metric called BTC Dominance, the percentage of the crypto market cap comprised of Bitcoin, and the ETHBTC ratio.

On the latter, Lim claims the metric stands at multi-year highs, despite the downside price action experience by the largest cryptocurrencies since December 2021. The ETHBTC ratio is 0.0733 and its all-time high stands at 0.0880.

The last time the metric was close to its current levels was at the beginning of the downtrend, last December. Will “The Merge” finally allow ETH to enter uncharted territory in this metric? Lim said while sharing the chart below:

(…) the “flippening” when ETH mkt cap = BTC mkt cap occurs at ETH/BTC ratio of 0.0159. sizable positioning in ETH calls reflects mkt consensus of continued ETH outperformance charts below show ETH put/call ratio is only 0.24, substantially lower than BTC’s at 0.53.

Ethereum ETH ETHUSDT 1
Source: Joshua Lim via Twitter

Market participants seem to be betting on Ethereum approaching the $3,000 and $3,800 area. The Call Open Interest, the number of option contracts betting on ETH’s price increase, stands at 3,4 million while the Put Open Interest, the number of contracts betting on the opposite, stands at 808,396.

Institutions Favor Ethereum While They Go Short Bitcoin?

The Bitcoin Dominance metric is also at historical lows of 40%. The downside trend in the crypto market has been labeled a “Bear Market”, during these periods the Bitcoin dominance often trends to the upside, but this is yet to happen as the metric moves into support.

A significant portion of BTC’s price current price action, Lim argued, is due to institutions getting exposure to the asset. When the macro-economic landscape turns bearish, institution sells their Bitcoin. The expert explained:

BTC is already a sizable % of the crypto allocation for most tradfi investors – this not only means it’s the asset that gets de-risked when the market turns, but also the asset that gets shorted as a beta hedge

Related Reading: Bitcoin Cash Loses 10% In Last 24 Hours, Despite 40% Hike In Trading Volume

The number one crypto by market cap is also seeing hurdles in its narratives as institution bet on the ETH as a “sound money narrative”, Lim said. In contrast, the BTC as a store of value and hedge against the inflation narrative has been weakening and might keep on this track as “The Merge” approaches.

Ethereum ETH ETHUSDT
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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